Gold rate today: Yellow metal falls below Rs 98,600-mark on MCX, check the latest rates in your city on August 20

Gold rate today

Gold prices extended their losing streak on August 20. Gold's October contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 98,742 per 10 grams today. The futures then declined sharply to hit an intraday low of Rs 98,516 per 10 grams.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on August 20:

"Gold prices inched lower to their lowest level in nearly three weeks as the dollar strengthened, while investors awaited Fed chair speech at the Jackson Hole symposium later this week. U.S. dollar index climbed to its highest level in more than a week. Meanwhile, USDINR fell below 87, weighing further on domestic prices. U.S. President Trump ruled out deploying ground troops to Ukraine but suggested air support could be part of a deal to end Russia's war in the region. Ukrainian President Volodymyr Zelensky hailed the White House talks as a "major step forward" towards ending Europe's deadliest conflict in 80 years and setting up a trilateral meeting with Russian President Vladimir Putin and Trump," said Manav Modi, Analyst – Precious Metal Research, Motilal Oswal Financial Services.

Also read: Gold hits near 3-week low on stronger dollar, Fed symposium in focus

"On data front, US Housing starts were reported better than estimates, while building permits were slightly below the expectations.  Probability for a 25-bps rate cut in September meet has dropped to 85% from 99% last week. Governor Powell is due to speak at the Kansas City Federal Reserve's Jackson Hole symposium on Friday and investors are watching for any clues on monetary policy trajectory. Minutes of the Fed's July meeting, due later in the day, are anticipated to offer further insights into the central bank's policy stance," he added.

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